JSW Dulux Limited (JSWDULUX) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of JSW Dulux Limited ₹1,374, price ₹3,161, upside -56.5%, quality 61 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹1,454 – ₹4,145 · fair‑value band ₹1,041 – ₹1,707 · the ₹3,161 price screens above the ₹1,374 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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JSW Dulux Limited manufactures, distributes, and sells paints and coatings in India and internationally.
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JSW Dulux Limited manufactures, distributes, and sells paints and coatings in India and internationally. It offers paints, enamels or lacquers, and varnishes for interior, exterior, waterproofing, and woodcare and metal applications; waterproofing paint products; weathershield paint for institutions/builders; and automotive and specialty, industrial, powder, and marine and protective coatings. The company's products are used in oil and gas, power, infrastructure, and wind energy projects; automobile; automotive OEM, consumer electronics, vehicle refinishes, and specialty coating businesses; and residential, commercial and industrial buildings. It offers its products primarily under the Dulux, International, Sikkens, and Interpon brands. The company was formerly known as Akzo Nobel India Limited and changed its name to JSW Dulux Limited in March 2026. JSW Dulux Limited was founded in 1792 and is based in Mumbai, India. JSW Dulux Limited operates as a subsidiary of JSW Paints Limited.
Stock analysis
JSW Dulux Limited (JSWDULUX) currently trades at ₹3,161, while our model-based Fair Value estimate is ₹1,374, implying the stock looks roughly 130.1% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹5,624 per share, and 7 of the 24 models we run sit above the ₹3,161 price.
Bear case: the Growth DCF group reads lowest at ₹219.64, and 17 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹1,041 (bear) to ₹1,707 (bull), the price of ₹3,161 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 61/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
JSW Dulux Limited reported revenue of ₹36.0B in FY2026 versus ₹37.8B in FY2023, a compound −1.6%/yr. Reported net income was ₹19.7B in FY2026, compounding +80.6%/yr from FY2023.
Key figures
Market cap ₹144B (≈ $1.5B) · P/E ratio 7.2 · P/S ratio 3.97 · EPS (TTM) ₹430.96 · Net margin 54.8% · Return on assets (EBIT) 16.1% · Free cash flow ₹466M · Net cash ₹1.9B.
What moves the price
The share trades about 14% below its 52-week high and 20% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −48% fair-value upside, at −57%, JSWDULUX screens richer than that median.
Fair Value models
Bear ₹1,041Fair Value ₹1,374Bull ₹1,707
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹208.99 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.27/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−11.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.6%
’23
’24
’25
’26
What shareholders gained per year (last 3 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ −3.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.9%
Dividend (yield on the price)0.0%
Profit margin 2023 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.12% → 12%
⚠ Rate on operating basis: 2026 sits 363% above its own trend.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+75.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +68.5% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 707 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score61 · Top 25%
Fair Value upside−57% · Below median
Profitability
Return on assets0% · Bottom 25%
Net margin (TTM)54% · Top 25%
Operating margin (TTM)10% · Above median
Growth and dividend
Revenue growth−3% · Below median
Dividend yield (TTM)1.6% · Above median
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
P/E (TTM)7.2× · Cheapest 25%
P/B5.87× · Priciest 25%
P/S (TTM)3.94× · Priciest 25%
P/FCF3.2× · Pricier than median
EV/EBITDA25.8× · Priciest 25%
PEG0.11× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)0· sector 22
PAST (return on equity)0· sector 23
HEALTH (low debt)0· sector 95
DIVIDEND (yield)32· sector 28
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is JSW Dulux Limited (JSWDULUX) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹1,374 versus a price of ₹3,161, about −57% upside (overvalued).
What is the fair value of JSWDULUX?
Our model-based fair value for JSW Dulux Limited is ₹1,374 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹3,161.
What is the quality score of JSWDULUX?
JSW Dulux Limited has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for JSW Dulux Limited (JSWDULUX)?
Our model-based price target is the fair value of ₹1,374 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario ₹1,041, optimistic scenario ₹1,707. It is a calculation from audited fundamentals, not an analyst target.
What is the JSW Dulux Limited stock forecast for 2026?
Our models put fair value at ₹1,374, about −57% upside versus a price of ₹3,161 (overvalued). Cautious scenario ₹1,041, optimistic scenario ₹1,707. The calculation is refreshed regularly with new filings.
What growth is priced into JSW Dulux Limited (JSWDULUX)?
For today's price to be fair in a discounted-cash-flow model, JSW Dulux Limited would have to grow free cash flow by +75.5 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew -1.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of JSWDULUX use?
Our models discount JSW Dulux Limited at 12.4 %: a base by market capitalisation (small), damped by beta 0.18, country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For JSW Dulux Limited that is +75.5 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has JSW Dulux Limited (JSWDULUX) delivered so far?
Over the past 3 years revenue at JSW Dulux Limited grew -1.6 % a year. The price currently implies +75.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of JSW Dulux Limited (JSWDULUX) growing?
The median revenue growth in the sector is +0.0 % a year. That is the yardstick for the growth priced into JSW Dulux Limited (+75.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of JSW Dulux Limited (JSWDULUX)?
The free-cash-flow yield on the price is 0.32 %: that much free cash flow JSW Dulux Limited produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of JSW Dulux Limited (JSWDULUX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For JSW Dulux Limited it is ₹1,374 per share (as of Sep 24, 2026), against a price of ₹3,161. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is JSW Dulux Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, JSWDULUX trades above its calculated fair value: price ₹3,161, fair value ₹1,374, a gap of about −57% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of JSWDULUX?
No. The price is what the market pays today (₹3,161); the fair value is what the company's own numbers justify (₹1,374). For JSW Dulux Limited the two are ₹1,787 per share apart. That gap is exactly why we show both numbers side by side.
How much is JSW Dulux Limited worth?
The market values JSW Dulux Limited at about ₹144B (market capitalisation, as of Sep 24, 2026). Per share that is ₹3,161; our models calculate a fair value of ₹1,374 per share.
What do the bullish and bearish scenarios say about JSWDULUX?
Our models span a range for JSW Dulux Limited: cautious scenario ₹1,041, base ₹1,374, optimistic ₹1,707 per share (as of Sep 24, 2026, price ₹3,161). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of JSWDULUX?
JSW Dulux Limited trades at a price-to-earnings ratio of 7.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹1,374 is built from several models across several years. Other multiples: PEG 0.1, P/B 5.9, P/S 3.9, EV/EBITDA 25.8.
What is the PEG ratio of JSWDULUX?
The PEG ratio of JSW Dulux Limited is 0.11 (P/E divided by earnings growth, as of Sep 24, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How far is JSWDULUX from its 52-week high?
JSW Dulux Limited trades at ₹3,161, about 14% below its 52-week high of ₹3,687 and 20% above the low of ₹2,626 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of ₹1,374 is for.
Which stocks are comparable to JSW Dulux Limited?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is JSW Dulux Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹3,161, calculated fair value ₹1,374 (−57%), Quality Score 61/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of JSWDULUX calculated?
We run JSW Dulux Limited through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹1,374, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. JSW Dulux Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of JSW Dulux Limited (JSWDULUX)?
The closing price on Sep 23, 2026 was ₹3,161. Our model-based fair value is ₹1,374, about −57% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with JSW Dulux Limited right now?
The price sits above even our optimistic bull case (₹1,707). The favourable scenario is already priced in. Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of JSW Dulux Limited
How large is the market capitalisation of JSW Dulux Limited (JSWDULUX)?
The market capitalisation of JSW Dulux Limited is ₹144B (≈ $1.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of JSW Dulux Limited (JSWDULUX)?
The price-to-sales ratio of JSW Dulux Limited is 3.97 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of JSW Dulux Limited (JSWDULUX)?
Earnings per share at JSW Dulux Limited are ₹430.96 (price ÷ EPS = P/E 7.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of JSW Dulux Limited (JSWDULUX)?
The net margin of JSW Dulux Limited is 54.8% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of JSW Dulux Limited (JSWDULUX)?
On an EBIT basis the return on assets of JSW Dulux Limited is 16.1% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How much net cash does JSW Dulux Limited (JSWDULUX) hold?
JSW Dulux Limited holds more cash than debt, ₹1.9B net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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